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Hsbc Bank Egypt S.A.E HSBC BANK EGYPT S.A.E. Annual Report and Accounts 2008 Board of Directors Abdel Salam El Anwar, Chairman and CEO Youssef Nasr, Deputy Chairman Mounir El Zahid Halla Sakr David Hodgkinson Medhat Hassanein John Coverdale Robert Gray Mahmoud Abdallah Contents 1 Board of Directors 2 Report of the Directors 6 Auditors ’ Report 7 Balance Sheet 8 Income Statement 9 Changes in Shareholders ’ Equity Statement 10 Appropriation Account 11 Cash Flow Statement 13 Notes on the Accounts 30 HSBC Bank Egypt Head Office and Branches 33 The HSBC Group: International Network HSBC Bank Egypt S.A.E. 306, Corniche El Nil, Maadi, Cairo, Egypt Telephone: (202) 2529 8000 Facsimile : (202) 2529 8080 Web: www.egypt.hsbc.com 1 HSBC BANK EGYPT S.A.E. Report of the Directors The Board of Directors has pleasure in presenting the the local currency bond rating from Baa3 to Ba1 in June Annual Report of HSBC Bank Egypt S.A.E. for the year 2008. Shortly afterwards, and for the same ended 31 December 2008. macroeconomic concerns, Fitch downgraded Egypt's ratings outlook on the Long-Term Foreign Currency Economic review and future outlook Issuer Default Rating to 'Stable' from 'Positive', and cut the country's local currency to BBB- from BBB, with The Egyptian economy continued to deliver an the outlook remaining 'Stable'. Nevertheless, Standard impressive performance during the year 2007/2008 and Poor's affirmed Egypt's ratings and outlook at BB+ with a 7.2% real GDP growth, slightly above the 7.1% and BBB- for its foreign currency rating and local posted in 2006/2007. Previously helped by the currency long-term sovereign credit rating, with a favorable external environment, the government's 'Stable' outlook in September 2008. continuous implementation of reforms and its move Following the global financial crisis and sharp towards economic liberalisation have contributed to economic slowdown, GDP growth decelerated in Q1- this robust performance. The growth was driven by a 2008/2009 to 5.8%. Yet, Egypt's outlook remains strong domestic demand and as well by strong foreign broadly positive. In fact, the country remains relatively exchange earnings including Tourism, Suez Canal sheltered from the financial crisis with the banking receipts as well as Foreign Direct Investment billion system having a limited exposure to troubled financial inflows. institutions and no exposure to the toxic assets that are Year 2007/2008 was another record year for troubling many western banks. It is also worth noting Tourism with the number of visitors going up by 19% that the banking sector remains largely liquid with to around 13 million and revenues growing to US$11 Loan-to-Deposit ratios in the neighborhood of 52%. billion, up 32% year on year. The Suez Canal revenues Besides, domestic demand looks set to remain fairly rose by 23.6% to a record US$5.2 billion. Likewise, resilient with the government having announced an Foreign Direct Investment into the Egyptian economy EGP15 billion fiscal stimulus package that includes witnessed a 19% growth from US$11.1 billion in fiscal infrastructure spending, tax exemptions and tariff year 2006/2007 to US$13.2 billion in 2007/2008, reductions. Whilst trading prospects will likely be around half of which went into greenfield investments hampered in the short term due to the European mainly in the energy sector. economic downturn, it is expected that the country's low cost of labor will continue to underpin growth Attracted by Egypt's geographical location, cheap through 2009. and competitive labor and input costs, new foreign operators have contributed to higher growth in the HSBC Bank Egypt at a Glance industry/manufacturing sector by 8%. Other fast growing sectors of the economy over the past year Results for the year ending 31 December 2008 include the Telecommunications and Construction sectors, which have expanded by 14.2% and 14.8%, HSBC Bank Egypt performance progressed during respectively. Moreover, Real Estate has seen a surge in 2008 with total assets up 24% to reach EGP34 billion at growth and received US$400 million in foreign year-end. Customer deposits and loan portfolio investments. increased by 32.2% and 34.6% respectively. Net However, rising inflation has been the government's operating profits increased by 39.5% and net profit by biggest challenge. After declining to 7% in late 2007, 28.5%, to record EGP1.16 billion for the year ending Consumer Price Index (CPI) inflation accelerated since December 2008. January 2008, mostly due to rising commodity prices The Board of Directors proposes a distribution to and expanding domestic demand.Consumer Price Index shareholders, by way of cash dividends, the sum of (CPI) inflation rate reached double-digit levels, peaking EGP816 million, representing a coupon of EGP46.56 at 23.6% in August 2008, the highest level in 19 years. per share for fully paid shares and EGP42.68 per share To curb rising inflation, the Central Bank of Egypt for shares that have been paid in January 2008. raised its benchmark corridor interest rates by 275 basis points between February and September 2008; thus, The Board of Directors also proposes a distribution bringing the overnight deposit and lending rates to of EGP116 million (10% of net profits for 2008) to 11.5% and 13.5%, respectively. As global commodity bank staff as profit sharing. The balance of profits, prices started to fall, Egypt's inflation rates started to amounting to EGP231 million, will be transferred to decline gradually. support the bank's reserves; distributed as EGP58 million for Statutory Reserve and EGP173 million for The high inflation accompanied with a high fiscal General Reserve. deficit has led Moody's to lower the outlook on its Ba1 rating for Egypt to 'Negative' from 'Stable' and to revise 2 Business and operational activities distribution channels, including e-banking, Telephone Banking, Automated Teller Machines (ATM's), as Corporate and Investment Banking complementary channels offering customer convenience HSBC Bank Egypt remains a leading bank in Corporate and 24/7 banking transactions capability at lower costs. Banking, providing a full range of diversified corporate Upwards of 25% of customer base are registered e- products to a wide base of customers with different banking customers actively using internet banking financial needs. True to the HSBC global brand "The systems, which are continuously upgraded to ensure world's local bank", HSBC Bank Egypt positions itself highest security measures and greater functionality. as the number-one local bank with global links, serving HSBC Bank Egypt website was awarded "Best the growing needs of its Egyptian-based customers to Consumer Internet Bank" in the region within the reach out to global markets for reliable professional Global Finance 2008 awards. financial services and products. HSBC Bank Egypt continued its focus on enhancing During the second quarter of 2008, HSBC Bank its propositions and products/services suites to its Egypt launched its Small and Medium Enterprises customers, providing its Premier customer base with proposition, targeted to an economic segment which the best-in-class global propositions and wealth presents substantial growth opportunities. Different management opportunities. The "Premier Children's financial packages have been tailor-made to serve the Saving Accounts", which is a unique proposition to varying financial needs and sizes of Small and Medium HSBC, catering for the children of Premier customers Enterprises. HSBC's electronic banking tool, HSBC-net, inside and outside Egypt, was introduced during the has grown by 60%, offering a check outsourcing year. Other wealth management products encompass functionality which remains to be a unique service in the foreign and local currency Capital Protected Funds, local market. Transaction electronic banking had almost Bancassurance propositions and saving certificates, all doubled during 2008, earning HSBC the Number one of which have shown strong demand and successful Bank in Global Transaction Banking by Treasury performance throughout the year. Management International magazine. Perpetuating its focus on service quality levels, Maintaining its leading position in the Custody higher customer satisfaction, and enhanced customer business, HSBC Bank Egypt remains the Number one engagement and long-term relationships, HSBC Bank Global Custodian in Egypt, for the past 5 consecutive Egypt regularly conducts Customer Satisfaction years, as rated by Global Custody magazine, in Surveys and After-Sale Quality Check Programmes, recognition of the 24% growth in business along with aside from continuously engaging in promotional the acquisitions of major new customers from the activities and sponsorship deals to ensure providing its Global Markets. customers with the highest service levels and the best promotional deals and benefits available in both the In 2008, HSBC Bank Egypt acquired many high local and international markets. profile landmark transactions including "Egyptian Offshore Drilling Company" Syndication Project Overall, Personal Financial Services witnessed a Finance whereby HSBC Bank Egypt acted as Mandate successful year and the momentum is being maintained Lead Arranger and Sole Book Runner for a US$500 to continue providing the local market with a best-in- million financing deal in support of a major construction class product and service proposition during a project by the latter. HSBC is also acting as Facility challenging 2009 ahead. Agent, Japan Bank for International Cooperation agent, on-shore/off-shore account bank and security trustee for Treasury the transaction. The Egyptian pound continues to benefit from large interest rate differential with major currencies. This has Personal Financial Services PFS resulted in a gradual appreciation for the Egyptian In pursuit of the Personal Financial Services strategy to pound over the past couple of years. grow its local market share and provide the utmost The banking sector in Egypt has become more convenience to its customer base, HSBC Bank Egypt sophisticated and the spreads have sharply declined due branch network increased to reach 75 branches and to the increased competition.
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